Before buying any house you have to
consider and think over many factors. How
the home should be? The actual area and size will depend on the size
of your family as well as your own personal requirements. If you are
looking at capital appreciation, you should consider making the purchase
in the suburbs, where the price appreciation will be higher than in
the case of prime property. In the case of buying a flat, you have
to check out the building, whether parking is available, security,
etc.. Mainly you have to make
ready of the money.

Home loans are there for managing money.
Home loan, known as a mortgage, is a lien that makes property security
for the repayment of a debt, such as the one incurred upon purchase
of that home.

Home Loan offers you various unique benefits
and are easy to arrange and repayable in easy monthly instalments.
The terms of the loan can be structured according to your unique requirements.
Home Loans can be applied for
by either individually or jointly. Proposed owners of the property,
in respect of which the loan is being sought, will have to be co-applicants.
However, the co-applicants need not be co-owners.

Eligibility for the loan in general, are:

You should have
completed atleast 21 years of age when the loan gets sanctioned.

You must be employed
or self employed with some regular source of income.

Mainly the repayment
capacity is taken into consideration by the factors like age, qualifications,
assets, liabilities and occupation.

However, there are
ways by which you can enhance your eligibility.

If your spouse is earning,
put him/her as a co-applicant. The additional income shall be included
to enhance your loan amount. Incidentally, if there are any co-owners
they must necessarily be co-applicants.

Even your fiancee's income
can also be considered for sanctioning the loan on your combined income.
The disbursement of the loan, however, will be done only after you submit
proof of your marriage. Providing additional security like bonds, fixed
deposits and LIC policies may also help to enhance eligibility.

The final amount to be sanctioned will depend on your repayment capacity.
However, what you are ultimately entitled to will have to conform within
the limits fixed for each loan.

Also, when the company
looks at the total cost, registration charges, transfer charges and
stamp duty costs are included.

For sanctioning of the amount
you have to produce the following documents:

Passport size photograph.

Age verification:
PAN card, Voters ID, Passport, License.

Bank statement for
the last six months.

Income Documents
e.g. Latest Form 16, Certified IT returns for latest 3 years.

Processing Fee cheque.

Loan Enclosure letter.

Disbursement of Loans:
Your loan will be disbursed after you identify and select the property
or home that you are purchasing and on your submission of the requisite
legal documents.

List of documents for disbursement Standard documents:

Loan Agreements

Disbursement
Requests

Post-dated
cheques

Personal guarantor’s
documents

The repayment tenure for
home loan is maximum loan tenure of 30 years. The repayment starts from
the month following the month after full disbursement has been made.
If you want to apply for an Adjustable Rate home loan, this method will
enable you to calculate your Equated Monthly Installment (EMI ) by which
if you know the value of the property, the loan amount your require
and the term for which you want to take the loan. It will compute the
rate of interest that is applicable.